E-Dividend Guide

Activate Your E-Dividend Mandate

Stop losing dividends to uncashed warrants. Activate e-dividend and receive your shareholder returns directly into your bank account — no paperwork delays, no lost cheques.

What is E-Dividend?

E-dividend is an electronic payment system that credits dividend payments directly into your Nigerian bank account, replacing the old physical dividend warrant system. When a company you hold shares in declares a dividend, the payment is automatically sent to your bank through the Central Securities Clearing System (CSCS).

The Securities and Exchange Commission (SEC) mandated e-dividend to reduce the growing problem of unclaimed dividends in Nigeria. As of 2025, unclaimed dividends exceeded N190 billion — largely due to shareholders not cashing physical warrants or having outdated bank details on file.

With an active e-dividend mandate, you receive your dividends on payment day. No waiting for postal delivery, no bank queue to deposit a warrant, no risk of a stale or lost cheque.

Why Activate E-Dividend?

Instant Payment

Dividends hit your bank account on payment day. No postal delays or bank queues.

No Lost Warrants

Physical dividend warrants can be lost, stolen, or expire. E-dividend eliminates this risk entirely.

Automatic Tracking

Every payment is recorded in your bank statement and CSCS account, making tax reporting easier.

SEC Compliant

SEC Nigeria has mandated e-dividend as the primary payment method for all listed companies.

Works Across Registrars

One mandate form per registrar covers all companies they manage. Activate once, receive forever.

Claim Unclaimed Dividends

Activating e-dividend is the first step to claiming up to 12 years of unclaimed dividends under SEC directive.

How to Activate E-Dividend

1

Identify Your Registrar

Find out which registrar manages the shares you hold. Each NGX-listed company has an appointed registrar. Use our Registrars Directory to find yours by company name. If you hold shares in multiple companies, you may need to activate with multiple registrars.

2

Obtain the E-Dividend Mandate Form

Download the mandate form from your registrar's website or visit their office to collect one. Some registrars also accept forms at CSCS offices or through your stockbroker. The form is free of charge.

3

Complete the Form

Fill in your full name (must match your CSCS account), CSCS account number, bank account number, bank name, branch, and your shareholding details. Ensure your name matches exactly across all documents — mismatches are the #1 reason for rejection.

4

Attach Required Documents

Include a photocopy of a valid ID (National ID card, Driver's License, International Passport, or Voter's Card), a copy of your bank statement or a cancelled cheque leaf, and your CSCS statement showing your holdings.

5

Submit to Your Registrar

Submit the completed form and documents to your registrar's office, your stockbroker, or any CSCS office. You can also email scanned copies to registrars that accept digital submissions. Keep a copy of your submission for records.

6

Follow Up

Processing takes 5-10 working days. After submission, follow up with your registrar to confirm activation. Once active, all future dividends from companies managed by that registrar will be paid directly to your bank account.

Required Documents

  • Completed e-dividend mandate form (one per registrar)
  • Valid identification: National ID, Driver's License, International Passport, or Voter's Card
  • Bank statement or cancelled cheque leaf showing your account number
  • CSCS account statement showing your shareholdings
  • Passport photograph (some registrars require this)
  • Self-addressed stamped envelope (for postal submissions, optional)

Common Issues & Solutions

Name Mismatch

Your name must be identical across your CSCS account, bank account, and mandate form. Even a middle name difference can cause rejection. Use your full legal name as it appears on your ID.

Wrong Registrar

Each company has one appointed registrar. Submitting your form to the wrong registrar will delay activation. Check our Registrars Directory to confirm which registrar handles your specific companies.

Incomplete CSCS Account

Your CSCS account must be active and linked to your correct bank details. Contact your stockbroker or CSCS to verify your account status before submitting the mandate form.

Stale Bank Details

If you've changed banks since opening your CSCS account, update your bank details first. The mandate form must show your current, active bank account.

Multiple Accounts

If you have multiple CSCS accounts (e.g., from different stockbrokers), you need to submit separate mandate forms for each account or consolidate your accounts through CSCS.

E-Dividend FAQ

What is an e-dividend mandate?

An e-dividend mandate is an authorization you give to your stock registrar to pay your dividends directly into your bank account instead of issuing physical dividend warrants. This is processed through the CSCS (Central Securities Clearing System) and ensures you receive your dividends promptly on payment day.

Is e-dividend mandatory in Nigeria?

Yes. The Securities and Exchange Commission (SEC) has mandated e-dividend as the primary method for paying dividends to shareholders of NGX-listed companies. All registrars are required to process e-dividend mandates and credit shareholders' bank accounts directly.

How long does e-dividend activation take?

E-dividend mandate activation typically takes 5-10 working days from the date of submission of a properly completed form. Processing time may vary by registrar. It is advisable to follow up with your registrar if activation takes longer than expected.

What documents do I need for e-dividend activation?

You need: a completed e-dividend mandate form, a valid ID (National ID, Driver's License, International Passport, or Voter's Card), your bank statement or cancelled cheque, and your CSCS account number. Some registrars may require a passport photograph.

Can I use one mandate form for all my shares?

No. You need to submit a separate mandate form to each registrar that manages your shares. For example, if you hold shares in UBA (managed by Africa Prudential) and Zenith Bank (managed by Veritas Registrars), you submit one form to each registrar. However, each form covers all companies managed by that registrar.

What happens after I submit the mandate form?

Your registrar verifies your details against CSCS records, confirms your bank account is valid, links your shareholder account to your bank account, and activates the mandate. Future dividends from all companies they manage will be credited to your bank account on payment day.

How do I check if my e-dividend is active?

Contact your registrar directly or check your CSCS statement. You can also monitor your bank account for dividend credits after a company declares dividends. If dividends are not received within 7 days of the payment date, follow up with your registrar.

Can I claim old unclaimed dividends after activating e-dividend?

Yes. Under the SEC directive, registrars are required to honor unclaimed dividends up to 12 years old. After activating e-dividend, you can request payment of accumulated unclaimed dividends. Visit the SEC e-DMMS portal or contact your registrar to initiate the claim process.

Is there a fee for e-dividend activation?

No. E-dividend mandate activation is free. SEC has directed that no registrar should charge fees for processing e-dividend mandate forms. If you are asked to pay, report the registrar to SEC.

What if I change my bank account?

Submit a new mandate form with your updated bank details to your registrar. The old mandate will be replaced with the new bank account. It is important to update your details promptly to avoid dividends being sent to a closed account.

Find Your Registrar

Each registrar manages different companies. Use our directory to find yours and start the activation process.

Browse Registrars Directory